Y Intercept Hong Kong Ltd Boosts Stock Position in Independent Bank Corporation $IBCP

Y Intercept Hong Kong Ltd lifted its stake in Independent Bank Corporation (NASDAQ:IBCP) by 204.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 64,512 shares of the financial services provider’s stock after purchasing an additional 43,332 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in Independent Bank were worth $2,148,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in IBCP. EverSource Wealth Advisors LLC grew its holdings in Independent Bank by 2,062.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 757 shares of the financial services provider’s stock valued at $25,000 after buying an additional 722 shares in the last quarter. Larson Financial Group LLC acquired a new position in shares of Independent Bank during the 4th quarter valued at about $26,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Independent Bank during the 4th quarter valued at about $27,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Independent Bank in the fourth quarter valued at about $29,000. Finally, Harbour Investments Inc. grew its holdings in shares of Independent Bank by 45.4% in the fourth quarter. Harbour Investments Inc. now owns 961 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 300 shares during the period. Institutional investors and hedge funds own 79.43% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on IBCP shares. Piper Sandler reduced their target price on shares of Independent Bank from $39.00 to $37.00 and set a “neutral” rating on the stock in a research note on Monday, April 27th. DA Davidson increased their price target on shares of Independent Bank from $36.00 to $37.00 and gave the company a “neutral” rating in a research note on Monday, April 27th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Independent Bank in a report on Tuesday, June 9th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $37.00.

Independent Bank Price Performance

NASDAQ:IBCP opened at $35.13 on Thursday. Independent Bank Corporation has a 52 week low of $29.63 and a 52 week high of $39.17. The stock’s fifty day moving average is $34.50 and its two-hundred day moving average is $34.32. The company has a market capitalization of $724.03 million, a P/E ratio of 10.49 and a beta of 0.71. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.13.

Independent Bank (NASDAQ:IBCP) last released its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.02. The business had revenue of $58.90 million during the quarter, compared to analysts’ expectations of $60.36 million. Independent Bank had a return on equity of 14.15% and a net margin of 22.02%. Equities analysts expect that Independent Bank Corporation will post 3.54 EPS for the current year.

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Shareholders of record on Monday, May 4th were given a dividend of $0.28 per share. The ex-dividend date was Monday, May 4th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.2%. Independent Bank’s dividend payout ratio (DPR) is currently 33.43%.

Insider Buying and Selling at Independent Bank

In other news, EVP Stefanie M. Kimball sold 1,400 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $34.41, for a total value of $48,174.00. Following the sale, the executive vice president directly owned 64,327 shares of the company’s stock, valued at approximately $2,213,492.07. The trade was a 2.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.91% of the stock is currently owned by corporate insiders.

About Independent Bank

Independent Bank Corporation (NASDAQ: IBCP) is a bank holding company headquartered in Grand Rapids, Michigan. Through its primary subsidiary, Independent Bank, the company offers a full range of commercial and personal banking services designed to meet the needs of individuals, small businesses and corporate clients. The company’s offerings span traditional branch-based banking as well as digital and mobile platforms.

Independent Bank provides deposit products such as checking and savings accounts, money market accounts and certificates of deposit.